The formal tax regularisation of the informal sector companies has resulted in the Zimbabwe Revenue Authority (ZIMRA) registering a 19.46 percent rise in net income collections to $320.44 million last month.

With more than 10 000 informal sector firms having being registered in the formal tax systems since June there has been an upward trend in terms of revenue collection base.

ZIMRA acting commissioner general Mr Happias Kuzvinzwa confirmed to the ZBC News on Monday (today) that net revenues collected in October this year were at $320.44 million against a target of $268.25 million.

“The trend will continue and we hope for the better,” he said.

With collection systems such as value added tax (VAT), corporate tax, custom duties, excise duties, mining royalties among others showing a marginal increase in performance, tight enforcement of policies by ZIMRA have also led to an improvement in terms of income collections, says Tax Matrix managing director Mr Malvern Tapera.

Mr Tapera said; “We will continue to see otherwise they are on course to achieve their targets”.

ZIMRA is this year targeting to collect a total of $3.4 billion in gross revenues.